Texas City Hospitality LLC purchased the 70-room hotel from Peet Hotels, Inc. as an investment opportunity for an undisclosed price. It is the third Houston-area Holiday Inn Express sold by CBRE Hotels in the last three months.

“As oil price starts rebounding, we are seeing more investors looking to invest in Houston to take advantage of better pricing compared to a couple of years ago,” said Yu.

“Texas City is a unique submarket of Houston. They did not see a decline in revenues related to low oil prices as compared to other markets. It is a refinery-based market that is uniquely positioned to get overflow from Galveston during the summer months when tourism is high. These are a few of the reasons the buyer was attracted to this opportunity,” Guerrero said.

Located near Interstate 45, Texas City is one of the largest ports in the nation and it is a major hub for world energy supplies.

The Texas City economic base has emerged within the last century to become a major global economic power. Boasting one of the largest ports in the country, Texas City is a gateway to worldwide trade and a major hub for world energy supplies.

“Despite declining revenues in some parts of Houston, we are finding a lot of investors who are interested in this market,” said Drake. “We have closed on three Holiday Inn Express Hotels in Houston MSA in the last three months, two of which were with investors from out of state.”

RNR

Texas-based RealtyNewsReport.com covers regional and national news of significant trends and transactions in commercial and residential real estate. The publication was founded by Ralph Bivins, an award-winning journalist with extensive experience in print, broadcast and online media. Bivins recently received a number of awards in the 66th Annual National Association of Real Estate Editors Journalism Competition.